SUCCESS OR FAILURE

SUCCESS OR FAILURE

Success or failure in a workout usually is determined by how

effective the crisis manager is in convincing the company’s

creditors that no matter how many stories they have heard, no

matter how many checks were being put into the mail and no

matter how grossly unfair their treatment, the crisis manager will

get them paid if they cooperate. If the creditors do not trust the

Company’s chief executive officer (CEO), then the company’s

crisis manager should be another executive within the company

whom they do trust. If the CEO cannot be trusted then he or she

must go. Look what happened to BP's CEO after the Gulf of

Mexico oil crises in April 2010.

Extracted from a book titled: RECESSION BUSINESS STRATEGIES by Prof John C. Mbuya

Available from the following bookshops:

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